Laos Sees Slight Dip in Inflation Rate in April

0
790
Lao currency. ( Photo: iStock).

The country recorded an inflation rate of 39.89% in April, according to the report from the Lao Statistics Bureau (LSB).

Laos’ inflation rate decreased slightly to 39.89% In April, compared to the first quarter figures of this year with January at 40.3%, February at 41.3%, and March at 41.0%.

In April, the price of food and non-alcoholic beverages rose by 52.2% percent while alcohol and cigarettes stood at 26.2%.

Medicines and medical care costs surged by 42.5%, and hotel and restaurant services increased by 37.4%. The cost of housing, water, electricity, and cooking gas also went up by 34.2%. Transportation costs in the country increased by 32.7% as well.

LSB reports that goods and commodities in Laos saw a spike in prices due to high demand during the Lao New Year celebration and the depreciation of the national currency, despite the small reduction in the inflation rate in April due to a decrease in fuel prices.

A report from a popular market in Vientiane shows that some vegetable and meat prices doubled after the Lao New Year festivities as well.

To help citizens cope with their expenses, the government of Laos increased the country’s minimum wage from LAK 1,200,000 to LAK 1,300,000 during the monthly cabinet meeting that was hosted in April.